Bill S-5 (Historical)

Financial System Review Act

An Act to amend the law governing financial institutions and to provide for related and consequential matters

This enactment amends a number of Acts governing financial institutions. It also amends legislation related to the regulation of financial institutions. Notable among the amendments are the following:
(a) amendments to the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act and the Trust and Loan Companies Act aimed at reinforcing stability and fine-tuning the consumer-protection framework; and
(b) technical amendments to the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act, the Trust and Loan Companies Act, the Bank of Canada Act, the Canada Deposit Insurance Corporation Act, the Canadian Payments Act, the Winding-up and Restructuring Act, the Office of the Superintendent of Financial Institutions Act, the Payment Clearing and Settlement Act and the Financial Consumer Agency of Canada Act.

Financial System Review Act

[Scott Simms, Liberal, Bonavista—Gander—Grand Falls—Windsor, NL]

Mr. Speaker, yesterday one of the member's colleagues considered the strength of OBSI in order to protect consumers. I am not sure if that is why OBSI was set up in the first place. It is an intriguing concept, I agree, but would FCAC not be a better avenue? I am looking for an explanation on the role of OBSI in dealing with this particular issue.

[Hoang Mai, NDP, Brossard—La Prairie, QC]

Mr. Speaker, OBSI actually plays a really important role. Unfortunately, now with the banks giving out, there is an issue. We are not sure what the future of OBSI is. However, right now OBSI is doing a good job.

[Geoff Regan, Liberal, Halifax West, NS]

Mr. Speaker, this week the banking ombudsman was saying, basically, that he does not want the job if it is not going to be mandatory for the banks to listen to what he says. We have seen no indication from the government that it is going to make it a mandatory process, where, if consumers have complaints against banks, they can go to the ombudsman and the ombudsman will make a decision that is enforceable. As it is, it has been a voluntary system. RBC and TD both withdrew from the system in recent months. The ombudsman is saying he is going to quit unless this is enforced.

I would like my hon. colleague's thoughts on this issue.

[Hoang Mai, NDP, Brossard—La Prairie, QC]

Mr. Speaker, we also raised this issue in committee. We believe it should be mandatory.

[The Acting Speaker, Bruce Stanton]

Is the House ready for the question?

[Some hon. members]

Question.

[The Acting Speaker, Bruce Stanton]

The question is on the motion. Is it the pleasure of the House to adopt the motion?

[Some hon. members]

Agreed.

No.

[The Acting Speaker, Bruce Stanton]

All those in favour of the motion will please say yea.

[Some hon. members]

Yea.

[The Acting Speaker, Bruce Stanton]

All those opposed will please say nay.

[Some hon. members]

Nay.

[The Acting Speaker, Bruce Stanton]

In my opinion the yeas have it.

And five or more members having risen:

Call in the members.

(The House divided on the motion, which was agreed to on the following division:)

Vote #175

[The Speaker, Andrew Scheer]

I declare the motion carried.

(Bill read the third time and passed)